Actually put some time into the beta and Warlord seems to have displaced Orochi as the best character. The deflect change actually matters, especially since the lag seems somehow worse. Guess since it's p2p it has always been luck of the draw.
In 1v1, you have what the game calls superior block which is basically auto guard from KOF on start up of all light attacks. So that is a pretty nice unique trait since it is harder to punish a baited light then it is a heavy.
However this isn't even needed, and actually is more prone to user error with the bad netcode. You can just abuse headbutt, which is forward + jump + guard break. On hit this gives a guaranteed light. The headbutt has insane tracking, is fast, unblockable, has quick recovery and is immune to guard breaks. You can spam it like crazy with little downside. If you somehow find yourself in a spot where you have to defend you can use defense mode that blocks all attacks. During this mode, you are free to tech guard breaks as well, so the opponent has no option to hit you unless it's an unblockable. Note you can also cancel this mode into the headbutt at any time, and blocking an attack in this mode gives a guarenteed headbutt. He also seems to have one of the highest health pools in the game in case you make mistakes.
Some characters may have a chance at being better then Warlord at 4v4 since clearing grunts could be important, as well as how good at you are being outnumbered. Speaking of that, while in revenge mode, Warlords unblockable headbutt causes a knockdown that gives a free heavy attack. So that's really powerful as well.